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The Real Deal NYC

Westchester & Fairfield Cheat Sheet

ELD Properties’ 110-unit “Millennia” breaks ground in New Rochelle By naming their 110-unit New Rochelle building “Millennia,” developer ELD Properties, Inc. doesn’t make it too hard to figure out who their target audience is. Featuring a fitness center, shared rooftop patio and flexible office space, the $30 million dollar project, which began construction this week, is due for completion by the fourth quarter of 2018. Ten percent of the units will be priced for low-income […]

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Rents up less than 1% in Brooklyn and Manhattan in June

According to this week’s market reports, rent prices are up in Brooklyn, Manhattan and Queens, but barely. New York is behind Mexico City as the least affordable city on a list of 30 global metros. Manhattan, Brooklyn and Queens rentals | MNS Rental prices inched upwards in all three markets in May relative to the previous month, with 0.5 percent in Manhattan, 0.3 percent in Brooklyn, and 1 percent in Queens. In Queens, Long Island […]

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These are LeFrak’s resi plans for the Dumont Hotel

The LeFrak Organization plans to convert the former Affinia Dumont hotel into a 260-unit luxury rental building. The developer launched a teaser site for the project — dubbed Murray Hill Marquis — on Thursday, revealing plans for a mix of studio and one-bedroom apartments starting, respectively, at $2,575 per month and $3,425 per month, according to Curbed. Earlier this year, LeFrak went into contract to buy the hotel at 150 East 34th Street for nearly $120 […]

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Poaching big game: SoFla brokers see opportunity as commercial firms compete for top talent

From the South Florida issue: When Robert Given left CBRE to become vice chairman of capital markets at Cushman & Wakefield in South Florida last July, it was the culmination of months of courtship. In October 2015, he and his 11-person multifamily team started getting solicitations from competing brokerages. By January 2016, that had escalated to offers from half a dozen firms.

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Douglas Elliman amps up BK presence with Brooklyn Hearth Realty acquisition

Douglas Elliman is growing its Brooklyn footprint with the acquisition of Brooklyn Hearth Realty, a brokerage active in Ditmas Park and Park Slope. Brooklyn Hearth Realty, run by brokers Jan Rosenberg, Rebekah Carver and DeAnna Lenhart, has an additional eight agents. All the partners and agents will join Elliman and continue to work out of their existing offices at 43 Fifth Avenue in Park Slope and 1207 Cortelyou Road in Ditmas Park. “We’re having a […]

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Topher Grace lists groovy West Village pad for $4M

From LLNYC: “That ’70s Show” star Topher Grace has listed his crash pad at 59 Bank Street in the West Village for $4.25 million, per city records.

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West Village tenants sue Rudd Realty for alleged J-51-related rent overcharges

UPDATED: June 22, 3:55 p.m.: For decades, the J-51 tax abatement has given New York City landlords an extra incentive to update roughed-up residential and commercial properties. But the tax cut, which amounts to $266 million in annual public expenditure, comes with a compromise: Residential units in these buildings are required by law to remain in the rent-stabilization program and rent increases must follow the program’s strict rules. Despite this, many landlords have not abided […]

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Trump’s hard stance on Cuba makes US real estate deals in the country all but impossible

From TRD South Florida: Even after President Obama’s rapprochement with the Cuban government, U.S. real estate players faced logistical nightmares when trying to do deals in the Caribbean island nation. Now, President Trump’s rollback of Obama-era policies has made opportunities for Cuban property plays even more bleak. “I am canceling the last administration completely one-sided deal with Cuba,” Trump said on Friday. Under his administration’s new policy, individual travel to the communist nation will be […]

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There’s a new CEO at Square Mile

Square Mile Capital Management tapped Craig Solomon as its new CEO while founder Jeff Citrin will step back from day-to-day operations, the real estate investment firm announced Thursday. Solomon and Citrin, who co-founded Square Mile in 2006, serve as joint managing principals. As of July 1, Citrin will be an adviser to the firm and vice chair of the board. Prior to launching Square Mile Solomon was a partner at law firm Solomon and Weinberg […]

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Developers asking $118M for new 23-story Murray Hill rental building

Alex and Steven Forkosh’s Forkosh Development Group is putting its newly developed 23-story Murray Hill rental building on the market for $118 million, sources told The Real Deal. The Forkoshes opened the 105-unit, 128,000-square-foot property at 237 East 34th Street in March. Rents range from $3,000 for a one-bedroom to $7,000 for a three-bedroom. The property, near Second Avenue, also has a ground-floor commercial space that has not yet been leased. The developers hired Arber […]

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